News from Mumbai
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18th December 2009
Dear Friends
Due to a very small DTC Sight in December both demand and rough premiums have strengthened. Indian manufacturers feel that there is a worrying disconnect between rough and polished prices and the current premiums are simply not viable in polished terms.
However, at present due to marriage season which lasted for few weeks in Gujarat, there is little fresh stock of polished arriving from factories.
In last month polished sales from India have been encouraging and there a is scarcity of polished in Pique pointers, -2, -4 and shades of Brown and Colour.
Demand from the USA and Europe has slowed down due to Christmas season. Local demand from India has been strong and those companies which supply major Indian cities are reported to be doing very well.
Indian diamond and jewellery companies are confident that next year will witness good sales within India and also to the Far East and China in particular.
Bankers remain concerned about delayed payments from USA.
The sharp rise in inflation in India from 1.7% to 4.8% is worrying and the consumer is already feeling the effects of rising food prices.
I take this opportunity in wishing you a very Merry Christmas and a prosperous New Year.
With warm regards
Sharookh Kocheck
Chief Executive Officer, Mumbai